Corporate bylaws can be of vital importance to the successful and smooth operations of your business. Usually, the directors of a corporation pass bylaws that will best allow same corporation to operate. The bylaws that directors pass are then approved by the shareholders of that same corporation.
Importantly, the “authority” of the bylaws of a corporation ranks below the authority that your corporation’s articles have. Should there be any inconsistencies between your bylaws and your articles, the articles usually prevail owing to their higher place in the corporate documents hierarchy.
Importantly, where there is a gap in the articles of your corporation, your corporate bylaws cannot be used to address a matter which should have been contained in your articles. This is for a multitude of reasons, pertaining both to your internal and external corporate operations and relations.
By means of example, topics usually covered by the bylaws of a corporation in Ontario typically address matters including, but certainly not limited to: banking arrangements, voting shares, terms of directors, corporate officers, electronic meetings, your corporation’s financial year, your corporation’s financial seal, liens, notice of meetings, and dividends.
Graphene Business Law has strong knowledge and experience with the various corporate pieces and documents a business needs to grow well and healthy, and remain complaint with relevant laws and legal requirements. You may contact Graphene by filling out the booking tool on our web page graphenebusinesslaw.ca, or sending a direct inquiry to info@graphenebusinesslaw.ca . You may also text us at 647-466-5985.
–
This blog post does not constitute legal advice, and does not create a solicitor-client relationship between author and reader. For inquiries, please contact Graphene via the above listed platforms.